City-Owned Homes For Sale: Submissions Will Be Accepted Until April 11

Letter of Intent (LOI) with signed mortgage preapprovals must be submitted by 3:00 p.m. on Tuesday, April 11th, 2023. Applicants may submit for either or both properties:

550 North 66th Terrace, Hollywood, Florida 33024
The home is conveniently located near the Turnpike and Fort Lauderdale-Hollywood International Airport. Completely renovated in 2019 and includes: impact resistant windows and exterior doors, dimensional shingle roof and insulation, replaced fascia and soffits, interior and exterior lighting fixtures, Central A/C and Heat, kitchen cabinets with Stainless Steel kitchen appliances, oversized porcelain tile floor throughout, totally renovated master and second bathrooms, full size washer and dryer & Tankless Hot Water Heater, complete exterior and interior paint, two-car concrete driveway with covered carport, landscaped and sodded yard with Irrigation System and fenced rear yard and an upgraded electrical panel and 10-Year Lithium Battery-Operated Smoke Detector System.

• Purchase Price: $382,194
• 3 Bedrooms/2 Bathrooms
• 1,475 Square Foot Single Family Home

2323 Cleveland Street, Hollywood, Florida 33020
The home is conveniently located near I-95, Downtown Hollywood and 3.6 miles to Hollywood Beach. This home was completely renovated in 2020. Renovations include: exterior impact doors & windows, interior doors, interior and exterior lighting fixtures, roof insulation, Central A/C and Heat, completely updated kitchen cabinets with Stainless Steel kitchen appliances, laminate flooring throughout, completely renovated bathroom, Tankless Hot Water Heater, exterior and interior paint, paver driveway and front walkway, new garage, landscaped and sodded, yard with Irrigation System and fenced rear yard, upgraded electrical panel and a 10-Year Lithium Battery-Operated Smoke Detector System.

• Purchase Price: $350,000
• 2 Bedrooms/1 Bathroom
• 1-car garage
• 922 Square Foot Single Family Home

Purchase Assistance
The City of Hollywood offers up to $70,000 in GAP purchase assistance to buy either of these homes. The purchase assistance is a second mortgage loan, zero percent (0%) interest, no monthly payments, 30-year term and payable in full at term maturity or property sale, whichever occurs first. At thirty days prior to the maturity date, the City shall offer the mortgagee a refinancing option under the same terms and conditions, so long as the mortgagee has not defaulted on any terms and conditions set forth in the mortgage. The loan will be in default, if any of the following occurs during the loan term: sale, transfer, or conveyance of property; conversion to a rental property; loss of homestead exemption status; failure to occupy the home as primary residence; failure to maintain Fire, Hazard, Flood and Windstorm (where applicable) Insurance in an amount that is adequate to cover all property loans with the City named as loss payee; failure to maintain the property in accordance with all City codes and regulations. If any of these occur it shall be considered a default under the City’s Mortgage and Promissory Note, wherein the City may pursue acceleration of the payment and all other legal remedies to recapture the balance. Buyers must contribute at least 3% of the first loan amount and the purchase assistance amount will fill the “GAP” after the first mortgage loan and buyer’s contributions are applied to the purchase and closing costs.

The City of Hollywood extended an existing agreement with Broward County for the administration of the Home Buyer Purchase Assistance Program. Funding will assist eligible first-time homebuyers with a deferred-payment, Conditional Grant up to $50,000.00 to be applied toward the cost of purchasing existing or newly-constructed, eligible affordable housing located in the City. Eligible costs shall include direct purchase assistance, down payment, closing costs, mortgage principal reduction, interest rate buy-down and other such costs which are considered eligible.

Who is Eligible?
1. Buyer must have a residential mortgage pre-approval or pre-qualification from a first mortgage lender; loan terms must meet the City’s guidelines.
2. Buyer may select any lender, either from the list provided or outside the list, to provide a first mortgage loan that meets the City’s guidelines.
3. Prior to closing on the purchase of the home, buyers must take a Homebuyer Education Class from a local HUD Approved Housing Counseling Agency.
4. Buyer’s gross annual household income may not exceed 80% of the Area Median Income (AMI), based on household size.
5. Buyer must NOT have owned a residential property in the prior 3 years (including residential properties in another country).
6. Buyer must have at least 3% of the first mortgage loan amount in liquid assets to submit a Letter of Intent (LOI) to purchase.
7. Priority will be given to current City of Hollywood residents with proof of residency.
8. The City of Hollywood will provide the priority buyers and their lenders a copy of the home appraisals.

Submittal Process
1. Buyer to submit a signed Letter of Intent (LOI) to purchase, signed by both the buyer and the first mortgage lender by the established deadline. LOI must include mortgage pre-approval or pre-qualification letter.
2. By 3:00 p.m. on Tuesday, April 11th, 2023, or once 30 LOIs per home site are received (whichever comes first), the City will pause accepting additional LOI submittals.
3. Priority will be given to current City of Hollywood residents with proof of residency (Government Issued ID, Utility Bill or Lease with a Hollywood address), however all applicants will be accepted. LOIs will be reviewed for completeness on a first come, first qualified, first served basis.
4. First (1st) and second (2nd) place submitters (called 1st priority buyer and 2nd priority buyer/back-up buyer) for each property will be notified by Broward County Housing Finance Division (BCHFD), which is handling buyer qualification/certification. BCHFD will collect documents from these buyers and their lenders for a full application package.
5. Within five (5) business days of notification, 1st and 2nd priority buyers will be required to provide a complete hard copy paper package to BCHFD.
6. In the event the 1st priority buyer is determined ineligible, the backup buyer will be moved to 1st place and the qualification process will continue with backup buyers in accordance with #4.
7. List of documents to be submitted to BCHFD.
8. Buyers to inspect home and provide a signed purchase contract within five (5) business days of notification.
9. City will provide the purchase contract and back-up information for City Commission consideration and once approved, the purchase contract will be signed and sent to BCHFD.
10. BCHFD will gather all necessary information, obtain third party verifications and certify eligible buyers.
11. Once eligibility is confirmed, BCHFD will issue certification memos, review closing disclosure and prepare second mortgage documents.
12. Closing and becoming a happy homeowner!

Applicants may submit for both properties, however if the applicant is priority 1 or 2 for both properties, they will have to choose which property they will proceed with.

For complete details and to submit documents for either or both properties, please visit: https://www.hollywoodfl.org/1435/City-owned-Homes-For-Sale